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Will IT Technologies and Globalisation Change the Mechanism of Money Creation?

100%
Sławiński A.
Zarządzanie Publiczne / Public Governance
|
2019
|
issue 4(50)
5-14
EN
Objectives: The article addresses the question about whether IT technologies and the ongoing globalisation are likely to impact the money creation mechanism. Research Design & Methods: For this purpose, the article reviews the experiences of free banking, the endeavours to promote the bitcoin as a new currency, the discussions on digital currencies issued by central banks, the experiences with Eurodollar market, and the emergence of imbalances in the TARGET2 (the Eurozone payment system). Findings: The analysis leads to two general findings. The first one is that cryptocurrencies are unlikely to replace the existing monetary system. The second one is that the increasing globalisation creates the need for the most important central banks to expand their role as international lenders of last resort. Implication / Recommendations: One implication of the main findings of the paper is that cryptocurrencies will have to go through a long evolution before they might have a chance to become an integral part of the monetary systems instead of being purely speculative assets. The other implication is that the experiences with the TARGET2 system revealed the ECB’s large potential to prevent sudden halts in international trade. Contribution / Value Added: The article’s added value with regard to the existing literature is highlighting that the main reason why the deposit money created by commercial banks (making the bulk of money supply today) will not be replaced by cryptocurrencies stems mainly from the fact that the latter cannot be allocated in an economically rational way. The other contribution is underscoring that the TARGET2 imbalances reflected the positive role played by the ECB in alleviating the consequences of the global banking crisis of 2007-2009 and the Eurozone debt crisis of 2010-2012.
2
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Open source currency and balanced credit size

100%
Dobija M.
Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie
|
2010
|
issue 2(16)
39-55
EN
What is the adequate size of credit for a given economy? What variables are essential in order to solve this problem? A solution of this task points to variables: the volume of compensations, the real labour productivity ratio, and the percentage of pays changed into bank deposits. These three categories determine the maximum value of credit, and this size does not boost inflation. However, compensations should be in accord with the amount of employees— the human capital. Considerations and computations presented here are in tune with perceiving capital as an abstract category of the capacity of doing work, and money as work receivables as discussed in the earlier papers. Considering the triad: capital—labour—money is the key for finding the solution of the agenda. In addition, the accurate concept of capital leads to an innovative interpretation of the economic matters. In the paper the solution of the problem is introduced as a part of theoretical clarification of the open source currency economic system.
PL
Jaki jest właściwy dla danej gospodarki rozmiar kredytu udzielanego przez banki komercyjne i jakie zmienne wywierają nań istotny wpływ? Analiza teoretyczna wskazuje, że najbardziej istotne wielkości to rozmiar płac w gospodarce, następnie poziom produktywności pracy. Dodatkowo znacząca jest zmienna określająca, jaka część bieżących zarobków pracowników staje się depozytami bankowymi umożliwiającymi akcję kredytową, czyli wielkość wskazująca na stan zamożności. Rozważania prowadzą ponadto do wniosku, że pieniądze powstają w rezultacie pracy. Współczesne poglądy o roli banku centralnego w kreacji pieniądza wymagają zasadniczej rewizji. W sterowaniu gospodarką towarowo-pieniężną podstawową rolę pełni wskaźnik Q wyznaczający poziom produktywności pracy.
3
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Pieniądz i spójność procesów ekonomicznych

84%
Żyżyński J.
Nierówności społeczne a wzrost gospodarczy
|
2016
|
vol. 46
80-122
PL
Artykuł podejmuje kwestię roli pieniądza we współczesnej gospodarce. Proponuje redefinicję tego pojęcia i zdefiniowanie go jak „prawa do nabywania dóbr i usług”. Ten sposób rozumienia pieniądza pozwala lepiej zrozumieć jego funkcje w gospodarce i prowadzi do ważnych wniosków. Autor pokazuje mechanizm kreacji pieniądza w procesach realizacji funkcji pośrednictwa w systemie bankowym i rolę banku centralnego oraz związków z zagranicą ukazywanych w bilansie płatniczym. Opisuje kształtowanie agregatu pieniężnego i dowodzi, że kryzys współczesnego pieniądza w jego funkcjach ekonomicznych ma swe źródła w kryzysach instytucji współczesnego systemu finansowego.
EN
The paper deals with an issue of a role of money in a modern economy. It proposes a new definition of this term and specifies it as “rights to buy goods and services’. Such a way to under-stand money allows to better understand its functions in the economy and leads to important con-clusions. The author shows mechanism of money creation in processes of intermediation in a banking system and discusses a role of a central bank and international relationships reflected in a balance of payments. He describes creation of money aggregates and argues that crisis of modern money in its economic functions results from crises of institutions of the modern financial system.
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